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Win your car finance with CarFinance 247


If you win, we'll pay off the finance on your car. It's that simple! Your car becomes completely yours, free and clear.

This amazing offer is open to anyone who has secured car finance with us throughout 2023, including Decemeber 2023!

This means that there's still time to enter, get your finance in December, and you're automatically in!

The lucky winner will be announced the week beginning 5th February 2024 on our instagram page.

Terms and Conditions apply.

Refinance
My Car

Car Loans | CarFinance 247
Get my quote Rates from 9.9% APR. Representative APR 11.9%
CarFinance 247 is a credit broker, not a lender.
Car Loans | CarFinance 247

Rates from 9.9% APR. Representative 11.9% APR. Personal Contract Purchase (PCP) Example: Car price £28,300.00, Term 4 years, Deposit £3,800.00, Total amount of credit £24,500.00, Representative APR 11.9% fixed rate, Monthly payment £394.58, Total cost of credit £9,186.76, Total amount payable £37,486.76, Optional final payment £14,746.92, Annual mileage 8,000pa.

By planting a tree for every car finance agreement issued to one of our customers, CarFinance 247 is driving towards a more sustainable future.

Paying too much for your car finance loan? Taking out a car refinance deal could be the ideal solution! Many people aren't aware of the types of car finance options available, or even that they have the choice to refinance their vehicles at all, but it's certainly an option.

When you refinance your car with us, you could:

  • Split your PCP (Personal Contract Hire) balloon payment into affordable monthly payments 
  • Find a new deal with a better rate of interest – and potentially save £1000s  
  • Switch to an agreement with a longer loan term and lower monthly repayments  
  • Get a loan that better suits your current financial situation 

As you can see, there are multiple benefits to refinancing your car, and no one is better placed to help you on your journey than Car Finance 247. As the premier vehicle finance company in the UK, we have a broad panel of lenders, all of whom can offer unique finance deals for our customers.

It doesn't matter whether you have bad credit or negative equity on your vehicle either, as we have lenders that can provide loans in both situations.

Ready to get started with refinancing your car? Just click the 'Get my quote' button and follow the easy instructions online!

Are you paying too much for your car finance?

Refinancing could be the right solution for you!  

When you refinance your car with us, you could:  

  • Split your PCP balloon payment into affordable monthly payments 
  • Find a new deal with a better rate of interest – and potentially save £1000s  
  • Switch to an agreement with a longer loan term and lower monthly repayments  
  • Get a loan that better suits your current financial situation 

Car refinancing: What is it and how does it work?

Car refinancing is a term used when a person with an existing finance agreement takes out a new deal (usually with a new lender) to pay the balance on an existing car finance loan.

When you refinance a car, your current finance deal will be settled with a one-off payment.

Depending on the terms of the deal, this payment could be covered by the new lender or incorporated into your new loan amount. However, this is something that you'll need to check first, as every situation is different.

Why do people usually want to refinance their vehicles? 

It’s all about adapting to your current circumstances. When you take out a Hire Purchase (HP) or a Personal Contract Purchase (PCP) deal, you'll commit to making monthly repayments for a set period. Every deal is different, but it could be anywhere from two to seven years.

However, things can change over time and a loan that was originally right for you may not be suitable anymore. 

Maybe your credit score has improved, and you think you could get a better interest rate. Or perhaps your expenses have increased, and you’d like a lower monthly repayment? You may have taken out joint finance but now need a loan that’s just in your name. Or, have you reached the end of your PCP agreement and need finance to cover the balloon payment?

In all these situations, refinancing your car could help!

Here at Car Finance 247, we work with a wide panel of lenders, some of whom can offer refinance loans. We’ll always look to find you the best deal from our panel, whether you have an existing agreement in place or not. 

Get your quote today to see what sort of deal you could get!

Why should I refinance my car?

Are you wondering whether a refinance loan is right for you? If your circumstances have changed, refinancing your car could be a great solution. 

Let’s take a look at some of the main reasons people tend to refinance their cars.

A cheaper finance deal

One of the main benefits of refinancing is that you may be able to find a car loan with lower monthly repayments. If you’re struggling to make your repayments or need more disposable income, there’s no need to wait until the end of your agreement. 

Instead, you can swap to a loan with cheaper monthly repayments and a longer repayment period.

Changes to your credit score

Looking for a better deal? 

Credit scores aren’t fixed and yours might have improved since you originally took out your finance agreement. In fact, if you’ve kept up with your repayments, your existing loan could actually have boosted your credit rating! Refinancing could mean you find a loan with a lower rate of interest, lowering your monthly repayments and/or reducing the total amount payable. 

Check your credit score today with our free credit check tool.

Manage your balloon payment

Refinancing is also a preferred option for people coming to the end of a PCP agreement. To keep the car at the end of the contracted term, you’ll need to pay the balloon payment. Taking out a loan to split this one-off cost into manageable monthly repayments could mean you can keep a car you’d otherwise have to hand back to the lender. 

But there are other things you need to keep in mind when refinancing your current car finance. Switching to lower repayments might not be good value in the long term, and you should always take note of the total amount payable on the loan. 

If you’ve chosen lower monthly payments but a longer loan term, then you could end up paying back more money overall.

How does refinancing a PCP balloon payment work?

When you come to the end of a PCP agreement, you have a few options available to you. You can hand the car back, use any positive equity as a deposit for a new agreement, or pay the balloon payment to own the vehicle. The balloon payment is usually a lump sum that represents the current value of your car. It can be a substantial sum - particularly if you've gone for the minimum monthly repayments. And a balloon payment of thousands of pounds can be tough to pay off in one go.

That’s where refinancing comes in. You can take out a new loan to break the one-off cost of a balloon payment down into more manageable monthly repayments.

But don’t forget, taking out a personal loan to cover your balloon payment will mean paying interest, so you’ll likely end up paying more to buy your car than you would’ve done if you’d paid the balloon fee in one go.

Find the perfect refinance deal with Car Finance 247

Whether you’re looking to get a better deal, reduce your monthly repayments, or finance a balloon payment, we could help you with your car refinance! At Car Finance 247, we’re experts at what we do, having a broad panel of lenders that can help you with all your financing needs.

Whilst we can’t guarantee a deal, we’ll do our very best to find a suitable refinance agreement that suits your needs.

It all starts with a quote

If you’re approved in principle, your dedicated account manager will give you a call to talk through your options - no strings attached. They can answer any questions you have about your existing loan and how your refinance deal will work.

And if you feel that you need a little more advice first, please get in touch with our expert team here.

Refinance a PCP balloon payment

When you come to the end of a PCP agreement, you have options. You can hand the car back, use any positive equity as a deposit for a new agreement, or pay the balloon payment to own it. The balloon payment is usually a lump sum that represents the current value of your car. It can be a substantial sum. And a balloon payment of thousands of pounds can be tough to pay off in one go.

That’s where refinancing comes in. You can take out a new loan to break this one-off cost down into more manageable monthly repayments.

But don’t forget, taking out a loan to cover your balloon payment will mean paying interest and so you’ll likely end up paying more to buy your car than you would’ve done if you’d paid the balloon in one go.

Refinance a car with bad credit

Thanks to our panel of lenders, we can look to help people with a variety of different circumstances to refinance. Just because your credit rating could do with some work, it doesn’t mean you have to give up on the idea of getting a new deal.

The same applies if you’re in negative equity. This happens when your car has depreciated (lost value) more quickly than expected and you owe more on the loan than the car is worth. You can still find finance when you’re in negative equity, but your new loan will be based on the amount you have left to pay rather than the car’s new worth. This could limit the number of lenders available to you and may affect the interest rate you’re offered. 

How to refinance a car

Whether you’re looking to get a better deal, to reduce your monthly repayments or finance a balloon payment, we could help!

It all starts with a quote. If you’re approved in principle, your dedicated account manager will give you a call to talk through your options. No strings attached. They can answer any questions you have about your existing loan and how your refinance deal will work.

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* The UK's largest online car finance broker by unique users to the website. Based on Similar Web data – 1,137,647 to CarFinance 247 vs. 753,819 for nearest competitor. January to June 2023.

CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).

CarFinance 247 is authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking (Firm Reference Number: 653019). CarFinance 247 is registered with the ICO (Registration Number Z1897658).

Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.

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